Meta, formerly known as Facebook, is now supporting non-fungible cryptocurrencies (NFTs) for some US creators. According to a representative, the company is starting with Ethereum. Eventually, it will support other NFTs such as those on Flow and Solana.
Users Can Create and Share NFT Posts
Navdeep Singh, a product manager for the Meta platform, revealed in a Twitter post that users would be able to display their NFTs on their Facebook profiles. These are unique blockchain tokens that are designed to signify ownership.
Through their Facebook profiles, users will be able to connect their digital assets to their profiles. They’ll also be able to create and share posts with their NFTs.
Tech and media consultant Martin Bryant argued that Meta “clearly wants to offer a home to Web3 folks” with the announcement, considering the company has also recently begun testing out changes to Facebook Groups to make them look “more like Discord.”
Anndy Lian, thought leader and Chairman at BigONE exchange, said:
“While Instagram isn’t the first social app to experiment with NFTs, the sheer size of its one billion (monthly active) user base gives it its biggest reach versus its competitors, which means that the addition of web3 technology it could potentially engage a whole new group of users. And with Meta’s Facebook expected to add similar features in the near future, Meta will have a huge NFT presence in the social media space. I know Instagram can create more sparks in the NFT space. I am so looking forward to it.”
Earlier Rollouts on Instagram
A representative of Meta has confirmed that the company started rolling out new features for creators on Instagram in May.
Instagram recently announced that it would no longer charge for sharing or posting NFTs, and the company would also allow collectors to share their creations using augmented reality stickers. The company also noted that the creator and the collector would be automatically marked.
In May, Adam Mosseri, the head of Instagram, said that the company was planning on launching new features for creators in response to the increasing number of people passionate about owning unique digital items.
Meta’s Online Avatar Store
On Saturday, the company announced that it would launch an online store allowing users to buy clothes for their digital avatars. The store will allow users to customize their outfits using real money.
During a live stream on Instagram, Eva Chen, the company’s vice president of fashion partnerships, announced the partnership. The company noted that the store, which will be called the Avatar Store, would be available on its platforms through Instagram and Facebook. Through the partnership, users can purchase clothes for their digital avatars.
To improve its platforms, including Instagram, Facebook, and Messenger, the company is also introducing 3D avatars. It plans to move away from social media gradually and into a virtual metaverse.
The partnership’s goal is to create a thriving digital economy for Meta’s users. The company has partnered with various fashion brands such as Thom Browne, Prada, and Balenciaga to achieve this.
NFT Sales Have Been Dropping
According to the CryptoSlam tracker, NFT sales have dropped by 150 percent since April. The average price of an NFT has also decreased by 67 percent, from $589 in April to $192. There has additionally been a significant drop in the number of transactions in the market.
The value of the Bored Ape yacht club’s non-finite (NFT) collection has dropped to its lowest point since August 2021. This move is because the floor price has significantly decreased since May, when the collection sold for around $200,000 each.